After obtaining the necessary regulatory approvals, the companies have closed the agreement announced last July to co-invest in the Baltic Eagle offshore wind farm, which has a capacity of 476 MW
Iberdrola has closed a strategic agreement with Masdar, a renewable group from the Emirate of Abu Dhabi, to co-invest in the German Baltic Eagle offshore wind farm with a power of 476 MW, located in the Baltic Sea. After obtaining all the necessary regulatory approvals, Iberdrola will have a majority share of 51% in the assets and thus accelerate energy independence in Europe.
According to the terms of the operation, the valuation of 100% of this wind farm amounts to approximately 1.6 billion euros. Iberdrola will control and manage the assets, providing operation and maintenance services and other corporate services.
Last July Ignacio Galán, president of Iberdrola, and the CEO of Masdar, Mohamed Jameel Al Ramahi, signed the agreement as part of a broader commitment between two clean energy powers. Both parties consider this a transaction of strategic importance and a fundamental milestone that strengthens a partnership that will allow further exploration of renewable energy investment opportunities in various technologies and regions.
Baltic Eagle will have 50 wind turbines of 9.53 MW of unit power on monopiles, for an annual production of 1.9 TWh, enough to sustainably satisfy the demand of 475,000 homes and avoid the emission of 800,000 tons of CO2 into the atmosphere. every year.
This park, which is scheduled to come into operation at the end of 2024, has a minimum regulated rate of €64.6/MWh for the first 20 years. In addition, it has already sold 100% of its production with long-term contracts.
In recent months, the energy group has closed various long-term alliances to promote the decarbonization of the economy:
In September, Iberdrola closed a strategic alliance with GIC for the expansion of transportation networks in Brazil for 430 million euros. It has also agreed with Norges Bank Investment Management to co-invest in 1,265 MW of new renewable capacity in Spain. The company has signed an agreement to sell more than 8,400 MW of gas combined cycles in Mexico for 6 billion dollars. Iberdrola and MAPFRE have continued to advance their strategic alliance by incorporating 150 new MW through a joint venture, which already has 450 MW. Iberdrola and BP also signed a strategic alliance in March to deploy 11,700 fast charging points in Spain and Portugal. In addition, a few months ago Iberdrola signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and boost its offshore wind portfolio.